Bitcoin’s Ascent: Is $1 Million Closer Than Expected?

Based on the events of October 16, when the price of Bitcoin (BTC) briefly reached over $30,000 before tumbling due to reports that the US Securities and Exchange Commission (SEC) had approved the first Bitcoin Exchange Traded Fund (ETF) in error, it is very possible that the coin will rise to over $1 million, bringing the total value of the cryptocurrency market to over $15 trillion.

Bitcoin's Ascent: Is $1 Million Closer Than Expected?
Source:News BTC

Alessandro Ottaviani, who took to X, projected how Bitcoin and cryptocurrency will seem in the upcoming years when the strict SEC accepts the sophisticated derivative.

Is Bitcoin Set to Rise Above $1 Million in Price?

Ottaviani, a purported expert in Austrian economics, said that as a result of the false information, the whole market capitalization of Bitcoin increased by more than $50 billion on October 16.

Assuming a 100:1 ratio, the researcher calculates that at this ratio, almost $500 million in capital fled to Bitcoin.

Assuming that the same ratio holds true, additional projections from former BlackRock managing director Steven Schoenfield suggest that BTC may get as much as $150 billion to $200 billion over the course of the next three years.

In such scenario, the market capitalization as a whole will most likely surpass $15 trillion. At this estimate, bitcoin prices will rise to above $1 million, about 40 times higher than current market rates.

According to Bitcoin data, the increase on October 16 has kept prices stable and rising. The over $30,000 recorded at heights was retraced, but prices are still steady and higher than yesterday’s closing.

Technically speaking, the price growth on October 16 signified a positive breakthrough. As of right now, prices are hovering around October 2023 levels and above September highs.

Bitcoin Is Up against $32,000.

It remains to be seen if buyers can sustain the upward trend, pushing prices in the short term towards significant resistance levels around $30,000 and $32,000.

Swing traders may see a retest of the highs reached on October 16 as their first objective based on the daily chart’s candlestick arrangement. If the current trend continues, Bitcoin might reach its peak in July 2023 at $32,000, creating further chances for gains above $35,000.

There are a variety of potential causes for this rise. A lot of market observers are optimistic that authorising a spot Bitcoin ETF would spur demand.

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